Brian Armstrong Says Crypto Can Beat Inflation, What Does The Chart Suggest?
12 Junio 2022 - 8:00AM
NEWSBTC
The boss of one of America’s leading centralized crypto exchanges,
Coinbase, explained that Bitcoin could become the new global gold
standard. He believes that the digital asset can revamp America’s
fighting chances against the oncoming challenge from China. Brian
Armstrong, the CEO, and Founder of the Coinbase crypto exchange,
spoke about the broader crypto market during the months-long price
decline and the way forward for the firm. Armstrong also shared his
view on Ray Dailo’s theory, explaining that the growth of
cryptocurrency may spur a novel world order. Thus, the
decentralized West can properly contend against the centralized
East. Using Crypto As A Hedge Armstrong spoke about the ongoing
bearish market relative to the ones before it in a recent interview
with our sources. However, he highlighted that the current market
trend displayed distinct features this time. According to him, the
primary reason might be that digital assets are now more accepted
and have more use-cases than in the previous bear market cycles.
Related Reading | Bitcoin Open Interest Falls As Price Dips
Below $31,000 However, sadly, there wasn’t any blow-off top
happening to the prices of coins. This also implies that more than
85% of the tokens may never again hit their all-time high prices.
He also said that this distinction in the present cycle condition
was partly a result of the macroeconomic environment that
intensified the cryptocurrency bearish market. But, more
importantly, investors and traders consider digital assets as
unstable as risky tech stocks. On another end, Armstrong explained
that he believes the entire DeFi market capitalization needs to
grow by over 5 to 10 times the current one before it can become a
hedge against inflation. Besides the Coinbase CEO, many crypto
pundits also believe in this same view. Introduction Of Super App
Wallet Amid the ongoing bearish market, Coinbase’s boss said that
his firm would aim toward innovation and creating new products.
More importantly, the centralized exchange is developing a more
sophisticated decentralized wallet with many advanced features,
including a profile page, personal identity, and even reputation
points. Besides being a financial solution, the wallet could also
be a social platform with sections for status and social feeds.
Also, musicians and artists will not be left out as the wallet will
allow them to showcase their artworks. He added that this next-gen
capability of the super-app wallet covers why Web3 is the future of
the internet. Centralized And Decentralized Battle Ray Dalio, a
well-known hedge fund manager, popularly claimed that the current
world order is controlled by the West. More specifically, America.
However, he noted that there is a possibility of a change with the
rising advancements from countries like China. Related Reading
| U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend
While agreeing that the US is declining while China is rising,
Armstrong stated that the future world order might no longer be
“country-centric.” Armstrong believes that as Bitcoin becomes a
contender for the new worldwide gold standard, it can skyrocket the
western’s decentralized hemisphere. Featured image from Pixabay,
chart from TradingView.com
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